As part of the strategy following the National Recovery Plan, the Malaysia My Second Home (MM2H) programme has been reinitiated with a few changes regarding its policy. Recently, Malaysia My Second Home (MM2H) investors were also allowed to return to their accommodation in Malaysia provided they stayed under the Home Surveillance Order (HSO).
To recap, the Malaysia My Second Home (MM2H) programme was born in 2002 out of a desire to allow foreigners to purchase and own property for residential purposes. It was temporarily put to a stop as of August 2020.
Home-Ministry secretary-general Wan Ahmad Dahlan Abdul Aziz announced that the temporary halting of the programme was made so the Tourism, Arts and Culture Ministry could review and re-evaluate its terms and conditions.
According to the Star, There are currently 57,478 holders of the MM2H passes, as well as their dependents.
The following are the revised measures of the Malaysia My Second Home (MM2H) Programme:
- Participants must have stayed for a cumulative of 90 days and above in Malaysia.
- Participants must have an offshore income of at least RM40,000 per month and a fixed deposit amounting 1 million ringgit.
- There are two entry categories: age 35 to 49 and those age 50 and above.
- Participants must make an asset declaration, and those assets must amount to RM1.5 million (liquid assets).
- The MM2H programme’s long-term social visit pass is now set to five years and can be extended for another five and so on as long as participants adhere to the compliance of the application condition.
- Participants will be charged with a processing fee of RM5000 for principal participants and an extra RM2500 for each dependent.
- Participants must subscribe to a RM500 annual pass fee.
- All participants and dependants must go through a security vetting and submit a letter of Good Conduct.
- These new Malaysia My Second Home (MM2H) policies apply to new and existing applicants.
Malaysia will reinstate the programme with these new policies this October, with the process being overseen by the Immigration Department.
Are you looking to invest in Real Estate? Get our real estate negotiators to ease all your confusion and answer all your questions by filling up the form below!
